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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Farm Product Warehousing And Storage Global Market Report 2022' -
18 billion in 2021 to $63.27 billion in 2022 at a compound annual growth rate (CAGR) of 14.7%. The farm product warehousing and storage market is expected to grow to $89.14 billion in 2026 at a compound annual growth rate (CAGR) of 8.9%.
The farm product warehousing and storage market consist of sales of farm product warehousing and storage services by entities (organizations, sole traders, and partnerships) that are used to store various types of crops by the farmers that are get affected by rain. Farm product warehousing refers to a place for storing agricultural products that help to provide farm product warehousing and storage facilities and services.
The growth in the farm product warehousing and storage market can be attributed to the increasing retail penetration.
North America was the largest region in the farm product warehousing and storage market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Increasing retail penetration is expected to propel the growth of the farm product warehousing and storage market going forward.Retail penetration is a measure of how much a product or service is being used by customers compared to the total estimated market for that product or service.
Because of the increase in customer demands for product or service, most filers purchases the products and store them in warehouses and sell them according to the demand.For instance, according to the Indian Brand Equity Foundation, an India-based export promotion agency for the year 2021, the retail industry achieved 96% of pre-COVID-19 sales in the year 2021.
The Indian retail sector is valued at $2.77 billion for the year 2020. Therefore raise in increasing retail penetration is growing demand for farm product warehousing and storage market.
Warehouse operators are now constructing multi-story warehouses in densely populated cities and expensive land spaces.A multi-story warehouse is a warehouse consisting of more than one floor designed to increase the usable floor space per square foot of land.
It results in a better land utilization rate and enhances operational efficiency.Multi-story warehouses have been successful in densely populated cities predominantly in Asian countries such as China, Japan, Hong Kong, and Singapore, due to high land and construction costs, small site areas, and limited industrial land availability.
Multi-story warehouses in Hong Kong average 12 floors. Prologis, the world's biggest warehouse owner, has also started construction to build the first multi-story warehouse in the USA.
The countries covered in the farm product warehousing and storage market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA
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